Identity theft and fraud! Ugh! More and more of us are having our identities stolen. ID fraud is at an all time high, especially as the pandemic has provided more “free time” for thieves to do their thing. According to the credit agency, Transunion, “10% of US adults report being a victim of identity theft since the onset of the pandemic” and “83% of Americans are concerned about their identity being stolen.” Not surprisingly, this has spilled into the business world, as retail and hospitality businesses are also seeing an increase in fraudulent activity as a percentage of transactions.
While many companies have invested in anti-fraud technologies “from digital to digital”, most of them have just forgotten the “paper to digital” process. So, even if most ID documents are submitted online these days, those submitted physically are potentially a source of higher fraud rate (as a percentage) if not accurately verified.